TIDMPPHP
RNS Number : 4993P
Papillon Holdings PLC
18 February 2021
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector:
Investment
18 February 2021
Papillon Holdings Plc ('Papillon' or the 'Company')
Transaction Update, Prospectus Submitted to FCA & Name
Change
Appointment of Broker & Appointment of European Financial
Consultant
Papillon Holdings plc, the London listed investment company, is
pleased to provide an update relating to the Company's agreement
with Mayflower Capital Investments Pty Limited ('Mayflower') on the
purchase of the Kilimapesa Gold Mine in Kenya ('Kilimapesa' or the
'Mine') (the 'Transaction') in addition to other corporate
developments.
Highlights
-- Prospectus submitted to the FCA relating to the application
for re-admission of the Company's ordinary shares to the Official
List by way of a Reverse Take Over and to trading on the Standard
Segment of the Main Market of the London Stock Exchange (the
'RTO');
-- Name change to Caracal Gold plc ('Caracal') to become
effective on successful completion of the Transaction and RTO;
-- Contemporaneous dual listing on the Frankfurt Stock Exchange
and appointment of Deutsche Gesellschaft für Wertpapieranalyse GmbH
('DGWA'), a mining and resource focused European investment banking
boutique, as European Lead Manager during the RTO process;
-- Appointment of London-based Novum Securities as broker,
bookrunner and placing agent to the Company in regards to the RTO
and Transaction with immediate effect;
-- Significant progress regarding approvals and due diligence
for completion of the Transaction with Mayflower and between
Mayflower and Goldplat plc;
-- Approval processes for the acquisition of the Kilimapesa Gold
Mine are also progressing well in Kenya, and;
-- Strategy continues to advance as the Company seeks to become
an established and profitable gold production company with multiple
gold mining operations located in East Africa producing in excess
of 50,000oz per annum and with JORC Compliant reserves and
resources of +2Moz.
Papillon's executive director Charles Tatnall comments: "As a
team we are very pleased with the progress being made on the
Transaction as well as the developments in the RTO process. The
combined management teams of Papillon and Mayflower have worked
extremely hard during the difficult conditions presented by the
COVID-19 pandemic to assemble the documentation and submit a
prospectus to the FCA and we expect that this process will be
concluded in a timely manner in order for us to move forward with
the RTO. We are excited to commence our journey as a London listed
gold producing company, with a clear strategy to optimise
operations and expand mineable resources at the operating
Kilimapesa Gold Mine. I am pleased to report that the Mayflower
team has achieved several gold pours at Kilimapesa in late 2020 and
already in 2021, and we have an exceptional opportunity to
materially enhance the Mine's production profile in the near
term.
"Furthermore, we are delighted to be working with Novum
Securities and DGWA to attract UK, European and German speaking
investors to bring the future Caracal Gold investment opportunity
to the UK and European capital markets. I was pleased to discover
that Germany's gold demand per person is one the highest worldwide
according to the World Gold Council and this has reinforced our
decision to contemporaneously dual list on the Frankfurt Stock
Exchange, to diversify our investor base and affirm our position as
an emerging African gold producer with tangible output and
expandable production capacity.
"The name Caracal Gold will be adopted upon completion of the
RTO process and we feel fully reflects the Africa centric, gold
focused approach we will be adopting as a company moving forward. I
very much look forward to updating the market with updates
regarding the Transaction and our upcoming RTO."
Further Information
Kilimapesa Gold Mine
Kilimapesa is an established, permitted and operating gold mine
with current gold sales and successive gold pours in 2021.
Operations recommenced in 2020 after a period of 18 months on care
and maintenance following the remedy of several historic issues and
the plant is now operating at record levels of two and a half to
three times previous levels. Additionally, we have commenced
underground mine operations which have resulted in higher grade ore
now feeding the plant. Upon completion of the Transaction and the
RTO, Caracal will hold an 100% interest in the producing Kilimapesa
Gold Mine in Kenya which currently has a 671,446oz JORC Compliant
resource and a well-defined mining optimisation strategy in
process.
Novum Securities Limited
Novum acts as Corporate Broker to AIM-traded and Standard-listed
companies. Novum have experience in acting for entities with market
capitalisations of up to GBP250million and the firm is a private
client broker to individuals seeking exposure to smaller
capitalised growth companies.
Novum specialises in effectively and efficiently raising equity
and debt capital from GBP250,000 to GBP25million from professional
investors and institutions and also provides sales and trading
services. The team is able to create a bespoke broking and funding
package for every corporate client and takes pride in finding
solutions within its network of PCBs, professional investors, VCTs,
EIS funds, family offices and institutions.
DGWA
DGWA, the German Institute for Asset and Equity Allocation and
Valuation, is a European investment banking boutique and financial
markets consulting firm based in Frankfurt and Berlin, Germany. The
management team have a 25-year track record in trading, investing
and analysing SMEs around the world. DGWA has been involved in over
250 IPOs, financings, bond issues, dual listings, and corporate
finance transactions as well as corresponding road shows and
awareness campaigns.
DGWA will act as European Lead Manager during the RTO process to
help facilitate dissemination into the German speaking markets, to
diversify the Company's investor base in these markets and to
generate interest within an investor base with a keen appetite for
gold investments. Upon completion of the RTO and dual listing on
the Frankfurt Stock Exchange, DGWA will operate as Papillon's
Investor and Corporate Relations advisor in Europe.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
** ENDS **
For further information visit www.papillonholdings.com or
contact the following:
Papillon Holdings plc info@papillonholdingsplc.com
Charles Tatnall / James Longley
Mayflower Capital Investments info@mayflowercapinvest.com
Pty Limited
Gerard Kisbey-Green / Jason
Brewer
-----------------------------
Novum Securities Ltd (Broker) crowbury@novumsecurities.com
Colin Rowbury
-----------------------------
St Brides Partners Ltd (Financial info@stbridespartners.co.uk
PR)
Isabel de Salis / Charlotte
Hollinshead /
Cosima Akerman
-----------------------------
DGWA, the German Institute for info@dgwa.org
Asset and
Equity Allocation and Valuation
(European Investor and Corporate
Relations Advisor)
Stefan Müller / Katharina
Löckinger
-----------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBDLLFFLLZBBQ
(END) Dow Jones Newswires
February 18, 2021 02:00 ET (07:00 GMT)
Papillon (LSE:PPHP)
Historical Stock Chart
From Apr 2024 to May 2024
Papillon (LSE:PPHP)
Historical Stock Chart
From May 2023 to May 2024